Frasers Logistics & Industrial Trust (SGX:BUOU) ("FLT") agreed to acquire Frasers Commercial Trust (SGX:ND8U) ("FCOT") for SGD 1.5 billion on December 2, 2019. Under the terms, FCOT unit holders will receive SGD 0.151 in cash and 1.233 new FLT units. In a related transaction, FLT agreed to acquire 50% stake in Farnborough Business Park. FLT will fund the cash component of consideration from new debt facilities. Upon completion, Frasers Commercial Trust will become wholly owned subsidiary of Frasers Logistics & Industrial Trust.

The transaction is subject to approval from unit holders of FLT and FCOT, regulatory approval, approval-in-principle from the SGX-ST, receipt of all authorizations, consents, waivers, clearances, permissions and approvals as are necessary or required by FCOT from the third parties approval from Inland Revenue Authority of Singapore and MAS, waiver to comply of listing manual of SGX-ST and court approval. The SGX-ST has on January 23, 2020 given its approval in-principle for the transaction. As on March 11, 2020, In EGM by acquirer ‘shareholders and target shareholders approved the transaction. The shareholders FLT Manager to issue new FLT Units to the FCOT Unitholders as part of the consideration for the acquisition of the FCOT Units pursuant to the Trust Scheme. Frasers Commercial Trust directors and independent directors have recommended unitholders to vote in favor of the transaction. As on April 3, 2020, this transaction received court approval. The transaction is expected to close by April 15, 2020. The transaction is will be DPU accretive on a pro forma basis for both FLT unit holders and FCOT unit holders.

Merill Lynch (Singapore) Pte. Ltd. acted as sole financial adviser to Frasers Logistics & Industrial Trust's Manager and Deloitte & Touche Corporate Finance Pte Ltd. acted as financial advisor for audit, risk and compliance committee of Frasers Logistics & Industrial Trust. Evercore Asia (Singapore) Pte. Ltd. acted as financial advisor for Independent Directors of Frasers Commercial Trust and DBS Bank Ltd. acted as sole financial adviser to Frasers Commercial Trust's Manager. Ernst & Young LLP (Singapore) and PriceWaterhouseCoopers Singapore acted as accountant for Frasers Commercial Trust and Frasers Logistics & Industrial Trust respectively. Jerry Koh, Christopher Koh, Foong Yuen Ping, Wong Yi Jia, Teh Hoe Yue, Eudora Tan, Lim Pek Bur and Daren Shiau of Allen & Gledhill acted as legal adviser for Frasers Logistics & Industrial Trust. BofA Securities, Inc. acted as financial advisor to Frasers Logistics & Industrial Trust.

Frasers Logistics & Industrial Trust (SGX:BUOU) completed the acquisition of Frasers Commercial Trust (SGX:ND8U) on April 15, 2020. Frasers Commercial Trust Unitholders will receive payment by April 24, 2020 and Frasers Commercial Trust is expected to delist on April 29, 2020. Frasers Commercial Trust was delisted and removed from the Official List of the SGX-ST on April 29, 2020 and is now an unlisted sub-trust of Frasers Logistics & Commercial Trust.